USDA increased soybean and sunflower production forecast and reduced canola production forecast

Published Dec 12, 2024

Tridge summary

The USDA has increased its global oilseed production forecast for 2024/25 to 683.38 million tons, up from 657.49 million tons in 2023/24, with contributions from soybeans and cotton. However, rapeseed production is expected to decrease by 1.06 million tons. The Chicago Board of Trade reports a slight increase in January soybean futures. The global ending stocks estimate has been reduced, and export forecasts for Ukraine and Canada have been adjusted. The global sunflower production forecast has also been increased, particularly for the Russian Federation and Ukraine, while the consumption forecast has also increased. The market situation is expected to be influenced by harvest forecasts in South America and canola harvest in Australia.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

USDA experts have increased the forecast for world oilseed production in 2024/25 MY by 1.16 to 683.38 million tons (657.49 million tons in 2023/24 MY), including soybeans by 1.74 million tons and cotton by 0.5 million tons, which compensates for the reduction in rapeseed production by 1.06 million tons. This is stated in the USDA report for December. Compared to the November estimates, the new soybean balance for 2024/25 MY has undergone the following changes: According to the report, January soybean futures in Chicago increased by 0.5% to $365.5/ton (-2.2% compared to the data after the release of the November report). The forecast for world rapeseed production in 2024/25 MY has been reduced by 1.06 to 86.18 (89.9) million tonnes, in particular for Canada – by 1.2 to 18.8 (18.85) million tonnes, while Statistics Canada has lowered the harvest estimate from 18.98 to 17.8 million tonnes. The export forecast has been increased for Ukraine by 0.15 to 3.37 million tonnes and reduced ...

Source: Superagronom